The Real Deal Miami

Owner set to sell low-occupancy office building in downtown Jacksonville

The 18-story building with a 63 percent occupancy rate is listed for sale on Ten-X, an online auction website
April 08, 2018 10:00AM

The BB&T Tower (center) in downtown Jacksonville

Special servicer LNR Partners is soliciting bids for BB&T Tower, an 18-story landmark in downtown Jacksonville with a 63 percent occupancy rate.

The 285,487-square-foot office building is a so-called REO, or “real estate owned,” property that a lender repossessed.

BB&T Tower has a listing on Ten-X, an online auction website, and a final call for bids is scheduled for May 31.

The owner of BB&T Tower has completed a $3.87 million renovation of the building, which was built in 1975.

Its address at 200 West Forsyth Street in downtown Jacksonville is near Interstate 10 and Interstate 95

Anchored by regional bank BB&T, the building occupies a full city block and connects to a six-story parking garage through a tunnel.

LNR Partners retained Transwestern to provide investment sales services for the planned disposal of BB&T Tower.

Working with LNR is John Bell, a managing director of Transwestern, who facilitated the sale of a commercial property directly across from BB&T Tower. – Mike Seemuth